MEMPHIS, Tenn., April 26, 2016 (GLOBE NEWSWIRE) -- First Horizon National Corp.'s (NYSE:FHN) board of directors expanded First Horizon’s 2014 common share purchase program based on the strong financial position of the company. As amended the program provides First Horizon with $150 million of new authority, or approximately $210 million in currently available authority, to make share purchases, and it will expire on Jan. 31, 2018. Purchases will continue to be made in the open market or through privately negotiated transactions and will be subject to market conditions, accumulation of excess equity, prudent capital management and legal and regulatory restrictions. The 2014 program, originally announced in January 2014 and previously amended in July 2015, is not tied to any compensation plan.
In addition, the board of directors has approved payment of a quarterly cash dividend on First Horizon’s common stock of $.07 per share. The dividend is payable on July 1, 2016, to the common shareholders of record on June 10, 2016.
The board of directors has also approved payment of a quarterly cash dividend of $1,550.00 per share on First Horizon’s Non-Cumulative Perpetual Preferred Stock, Series A ("Series A Preferred Stock"). This equates to a cash dividend of $.387500 per Depositary Share (NYSE:FHN PrA), which each represent a 1/4000th interest in a share of the Series A Preferred Stock. The dividend is payable on July 11, 2016, to the preferred shareholders of record on June 24, 2016.
About First Horizon
The 4,300 employees of First Horizon National Corp. (NYSE:FHN) provide financial services through more than 180 bank locations across Tennessee and the southern U.S. and 29 FTN Financial offices across the U.S. The company was founded during the Civil War in 1864 and has the 14th oldest national bank charter in the country. First Tennessee has the largest deposit market share in Tennessee and one of the highest customer retention rates of any bank in the country. FTN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional customers in the U.S. and abroad. First Horizon has been recognized as one of the nation's best employers by Working Mother and American Banker. More information is available at www.FirstHorizon.com.
CONTACT: Investor Relations, Aarti Bowman, (901) 523-4017 Media Relations, James Dowd, (901) 523-4305
Source:First Horizon National Corporation